Bitcoin (BTC) is struggling to stay above the $20,000 range despite increasing volatility and market pressure. Also, the direction of the market in the coming months will be determined by the US Fed rate hike on September 21.
Rajan Dhal, an analyst at Kitco News, says that $25,066 is one of the key essential levels to watch as it will indicate a possibility of recovery and provide a way out of a prolonged bear market.
If bitcoin has any chance of reaching this level, it should first head to $21,760 and rely on the bulls to hold the position. On the other hand, if the bears consolidate, bitcoin could consolidate near the $17,567 low.
However, it is important to note that bitcoin has gained a bit following the US employment news. Note, 315,000 were added in August, which was slightly higher than expected given rising interest rates and weak economic expansion.
At the time of publication, bitcoin was trading at around $20,117, up almost 3% from the previous day. The reforms also contributed to the cryptocurrency market cap reaching the threshold of $1 trillion.
Employment reports boomed!
Furthermore, with the volatility in bitcoin due to macroeconomic issues, it is expected that the employment report will encourage the Federal Reserve to take more drastic measures, such as raising interest rates, to rein in inflation that is out of control. is out.
A favorable employment report was expected to drive bitcoin to around $15,000. A $20,000 stake could be in danger as the asset has been linked to macro sentiment recently.
Overall, if Bitcoin is able to maintain $20,000, it would probably encourage investors to believe that the crypto market has bottomed out.
The “HODL” mode appears to have been triggered amid anticipation of the upcoming Bitcoin course. Despite the current weak market conditions, 62% of bitcoin owners in this instance have not sold an asset in over a year.